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Bangladesh Drops Trafigura in LNG Talks as Gunvor Advances

May 16, 2018

Bangladesh has terminated talks with Swiss-based commodity trader Trafigura to install a small floating liquefied natural gas (LNG ) import terminal due to delays in agreeing terms, while rival trader Gunvor advances with a separate project…

Global Oil Supply Robust Enough to Cut Iran's Exports -Trump Memo

May 14, 2018

Global oil supplies are plentiful enough to withstand a 'significant reduction' in petroleum exports from Iran, according to a White House memo issued on Monday as the Trump administration prepares to reimpose sanctions on the OPEC member nation…

China's Crude Oil Futures Boom Amid Looming Iran Sanctions

May 14, 2018

A U.S. decision to reimpose sanctions on Iran is supporting China's newly established crude oil futures, and may spur efforts to start trading oil in yuan rather than dollars, traders and analysts said.Since launching in March, Shanghai crude oil futures have seen a steady pick-up in daily trading…

Russia's Rosneft to Announce Share Buyback Details in June

May 14, 2018

Rosneft, Russia's top oil producer and one of the biggest globally, plans to reveal share buyback details in June, CFO Pavel Fyodorov said in a conference call on Monday.The company had announced a series of measures on May 1 to improve shareholder returns…

Buyers Seek US Waivers to Buy Iranian Oil amid New Sanctions

May 09, 2018

South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.Iran is the…

Maersk Likely to Shelve Plans to List Drilling Division

May 09, 2018

Shipping group A.P. Moller-Maersk is likely to shelve plans to list its struggling offshore drilling division because of weak market conditions, according to five finance sources familiar with the matter.The Danish company is now expected to focus on a trade sale of Maersk Drilling…

Iran Prepares to Export New Oil Grade amid Sanctions Threat

May 08, 2018

Iran is readying the first commercial exports of its West Karoun crude oil grade for May or June, two sources familiar with the matter said, even as fresh economic sanctions against the country loom.Iran has already been shipping samples of…

Saudi Energy Minister: Kingdom on Way to Restoring Market Stability

May 07, 2018

Saudi Arabian Energy Minister Khalid al-Falih tells Japan's trade minister Hiroshige Seko that he is concerned about low investment levels and potential oil shortages in the future. 'We believe we are on our way to restoring energy stability to the market…

Iran: New Sanctions Won't Stop its Oil Industry

May 07, 2018

The Iranian oil industry will continue to develop even if the United States pulls out of the 2015 Iran nuclear deal, and Tehran would see the accord as operational as long as it can sell oil, the Oil Ministry website quoted senior officials as saying on Monday…

Vivo Energy IPO Launches with 2 bln Pound Valuation

May 04, 2018

Largest Africa-focused IPO since 2005; Vivo to join FTSE 250 index. Vivo Energy PLC launched on the London Stock Exchange on Friday with a valuation of nearly 2 billion pounds ($2.7 billion), the largest London IPO so far this year and the largest Africa-focused IPO in more than a decade…

Libya's NOC Withholding Total's Share of Waha Crude

May 03, 2018

Libya's National Oil Corp (NOC) is withholding Total's share of crude from the Waha concession as a dispute drags on over the French oil major's purchase of Marathon's stake in the concession two months ago, Libyan oil and industry sources said…

Oil Slips as OPEC, Iran Worries Balance U.S. Output

May 03, 2018

Potential of new U.S. sanctions against Iran keep market on edge as OPEC cuts bolstered by Venezuelan declines also support. Oil prices slipped on Thursday as swelling U.S. crude inventories and record weekly U.S. production clashed with OPEC supply cuts and the potential for new U…

Shanghai Crude Futures off to Cautiously Good Start

May 02, 2018

The new Shanghai crude oil futures have been trading for just over a month and have so far managed to build up reasonably strong volumes, but this success may only mask some wider concerns. The yuan-denominated contracts were launched on…

Taiwan: The Next Battleground for Offshore Wind

Apr 30, 2018

Taiwan is becoming the next battleground for the world's top offshore wind developers as they seek a foothold in Asia for a technology that has been expanding fast in Europe.Taiwan announced results on Monday of its first major offshore wind farm auction that aims to add 3…

Diamond Offshore Beats Street, Posts Q1 Loss

Apr 30, 2018

Diamond Offshore Drilling Inc reported a smaller-than-expected quarterly loss on Monday, helped by new contracts for the company's deep-water rigs. Rig utilization was at 52 percent during the first quarter, from 47 percent last year, even as average day rates…

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